The financial services industry has come a long way over the last 20 years in bridging the gender gap for employees and clients alike, according to a recent study by Toronto-based Bank of Montreal (BMO), but still has some work to do when it comes to communication.
Eighty-five per cent of Canadians believe the industry has made great strides over the last two decades in addressing issues of gender equality, according to BMO’s Women’s Day Study, which was released on Thursday. Yet, 84% of respondents also said that the industry must improve how it communicates with female clients.
“That’s the piece that we’re all trying to get at,” said Julie Barker-Merz, vice president and chief operating office, BMO Insurance. “How do we speak and communicate with women differently then men in a way that’s going to feel right for women, but not feel like we’re excluding men.”
This isn’t about advisors or their firms creating a checklist for talking with women, said Baker-Merz, who spoke as part of a panel at the Women and Wealth Roundtable in Toronto on Thursday, but rather about focusing on the details. For instance, advisors should focus on engaging more with their female clients and being mindful of non-verbal communication cues in meetings.
As well, following a financial planning process can help women clients feel part of the discussion, according to Caroline Dabu, vice president and head of enterprise wealth planning, BMO Financial Group, who also spoke on the panel.
“That approach, by its very nature, involves the entire family, involves both partners in the discussion,” said Dabu. “[And] what ends up happening is [advisors] end up getting more than their fair share of female clients.”
Another way to improve communication with female clients and to make them feel better treated by the industry, according to Charyl Galpin, co-head, executive vice president and managing director, BMO Nesbitt Burns, is to hire more female financial advisors.
Most survey respondents, however, don’t feel there is much incentive for women to enter the financial services. For example, 55% of respondents believe there is still a glass ceiling in the industry while two-thirds said men have more career opportunities in the financial services than their female counterparts.
As such, BMO Nesbitt Burns is modifying its recruitment strategy to try to bring more female advisors into its ranks. Said Galpin: ” We’re changing how we talk about the business to women.”
In April, BMO Nesbitt Burns intends to launch a new resource section on its website for potential female rookies. The site will provide women with information on what it means to be an investment advisor, said Galpin, and some of the job benefits, such as the flexibility for individuals to manage their day. The website will also provide testimonials from women already in the industry.